How to Divide a Business During a Divorce in Florida
Dividing a business can be one of the toughest parts of a divorce proceeding. In most instances, one spouse has more ties to the business than the other and may think the other spouse isn't entitled to anything. If a married couple jointly owns a business, things can get even trickier as you have to decide who will stay on and what each person's role will be.
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Dividing a business during divorce
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Consider continuing to work together, whether in a partnership or a different arrangement with regard to who does what.
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Value the business accurately. Many times, the business is owned by or primarily the project of one half of a couple. It's a good idea to get the business appraised by a Certified Valuation Analyst to ensure its true value is being negotiated.
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Lay the groundwork for the future. If both people are staying with the business, make sure there is language in the agreement in case things become contentious down the road. If one person is leaving, give this person a chance to calmly gather his or her things and say goodbye to co-workers. Most settlements end in one spouse receiving a cash payment for five to 10 years.
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References
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